Long Term Care insurance premiums can be tax deductible

IRS increases 2017 tax deduction limits for LTC insurance
The 2017 deductible limits under Section 213(d)(10) for eligible long-term care premiums includable in the term ‘medical care’ are as follows:
Attained age before close of tax year 2016:
40 or less $390 -$410
More than 40 but not more than 50 $730 -$770
More than 50 but not more than 60 $1,460 -$1,530
More than 60 but not more than 70 $3,900- $4,090
More than 70 $4,870 $5,110
Source: IRS Revenue Procedure 2015-53 (2016 limits) and 2016-55 (2017 limits).
These amounts can be an itemized deduction for individuals and businesses. Specific details depending on your situation & business type.
Get in touch with us for a detailed written description and a customized quote for Long Term Care insurance or Life/LongTermCare plans.

2 thoughts on “Long Term Care insurance premiums can be tax deductible

  1. Morgan Colin

    Great read and very well explained. I believe in professionals so this is a very useful article for everyone. Many thanks for your share.

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